Shares of Lumentum Holdings Inc. (NASDAQ:LITE) traded down 1.3% during mid-day trading on Tuesday . The company traded as low as $24.34 and last traded at $24.42, with a volume of 216,752 shares traded. The stock had previously closed at $24.75.

A number of analysts have recently issued reports on the stock. Northland Securities lifted their price objective on shares of Lumentum Holdings from $30.00 to $33.00 and gave the stock an “outperform” rating in a report on Monday, March 28th. Goldman Sachs Group Inc. lifted their target price on shares of Lumentum Holdings from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Friday, March 25th. Drexel Hamilton began coverage on shares of Lumentum Holdings in a research report on Friday, April 8th. They issued a “hold” rating on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $35.00 target price on shares of Lumentum Holdings in a research report on Wednesday, June 15th. Finally, B. Riley reiterated a “buy” rating and issued a $31.50 target price on shares of Lumentum Holdings in a research report on Tuesday, May 3rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $28.12.

The company’s market cap is $1.48 billion. The firm’s 50 day moving average price is $24.43 and its 200 day moving average price is $23.91.

Lumentum Holdings (NASDAQ:LITE) last issued its earnings results on Wednesday, May 4th. The company reported $0.32 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.01. During the same quarter in the prior year, the company posted $0.11 EPS. The company had revenue of $230.40 million for the quarter, compared to the consensus estimate of $226.81 million. Lumentum Holdings’s revenue was up 16.0% compared to the same quarter last year. On average, equities research analysts forecast that Lumentum Holdings Inc. will post $1.25 earnings per share for the current fiscal year.

In related news, Director Harold L. Covert sold 7,376 shares of the company’s stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $23.70, for a total transaction of $174,811.20. Following the completion of the transaction, the director now owns 6,558 shares in the company, valued at $155,424.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Other institutional investors have added to or reduced their stakes in the company. Dimensional Fund Advisors LP acquired a new position in Lumentum Holdings during the fourth quarter valued at approximately $12,841,000. Marshall Wace LLP acquired a new position in Lumentum Holdings during the fourth quarter valued at approximately $7,126,000. Principal Financial Group Inc. acquired a new position in Lumentum Holdings during the fourth quarter valued at approximately $6,838,000. Finally, Pinnacle Associates Ltd. acquired a new position in Lumentum Holdings during the fourth quarter valued at approximately $19,312,000.

Lumentum Holdings Inc (Lumentum) is a provider of optical and photonic products. The Company’s products are used in a range of end markets, including data communications (Datacom) and telecommunications (Telecom) networking, and industrial and commercial lasers (commercial lasers) for manufacturing, inspection and life-sciences applications.

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